March 22, 2018
March 13, 2018
Posted March 6, 2018
Cybercriminals and fraudsters have moved beyond simply making purchases with stolen credit card information. Instead, they are focusing on using identity data from the myriad of breaches around the globe for much larger gains.
Through such tactics as identity farming and building synthetic IDs, fraudsters can take over an individual’s accounts or even create brand new ones, often without being detected.
And every new data breach gives these cybercriminals a data refresh, allowing them to further enhance these false identities.
Some patient fraudsters are even using these compromised identities to build up strong credit histories over a number of years, as one online lender in Australia recently discovered.
But, all is not bleak as more companies are using the power of digital identities and global shared intelligence to detect and stop cyberattacks.
I discussed this and more in a radio interview during a segment called Customer Service with Dorothy Tucker on Talk of Chicago (WVON 1690 am) hosted by Perri Small. Click the play button to hear the interview.